China's 10.2% economic growth causing concern
Chinese President Hu Jintao said today that China’s economy grew 10.2% in the first quarter of this year compared to the same period last year, but said the government is concerned about overly rapid growth.
The figure was well above previous growth estimates for this year.
“We do not seek high-speed economic growth,” Hu said during a meeting with a former Taiwan opposition leader in Beijing. “We are concerned about the pace of development and the quality and the effect of our growth. We are also concerned about saving our resources, environmental protection and the improvement of our people’s livelihood.”
China’s economy expanded 9.9% in 2005, with overall gross domestic product for the year totalling 2.26 trillion dollars.
The economy has consistently overshot official targets for the past several years.
Government economists earlier offered predictions of between 8.5% and 9% for this year, a range in line with estimates by the World Bank and many private economists.
